Sun. Aug 9th, 2020

Reference Daily News

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2020 Poll: Biden Launch $700bn Recovery Plan For Job Creation, Others

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Joe Biden has launched a $700 billion plan on Thursday to create jobs and also place investment in new technologies as an aggressive tactics against President Donald Trump on economic policy, as the two sides clashed in key election battleground Pennsylvania.

The Democratic challenger presented his sweeping “Build Back Better” proposal, a contrast to Trump’s “America first” agenda, during a speech at a metalworks plant in a swing state critical to either candidate’s victory in November.

Vice President Mike Pence was simultaneously barnstorming Pennsylvania, defending his boss’s handling of the coronavirus pandemic and assuring voters that Trump was best qualified to revive the sputtering economy.

Biden’s manufacturing and innovation plan aims to bring back positions lost during the coronavirus pandemic, and create more than five million new jobs by investing in domestic production and research and shrinking foreign supply chains.

The multi-pronged approach also tightens “Buy America” guidelines, promotes new tax rules including hiking the corporate tax rate to 28 percent from 21 percent, and expands union access to empower American workers.

“That’s what my plan is, to build back better,” Biden told ironworkers after touring their 101-year-old factory near Scranton, the blue-collar city where the former vice president grew up.

The goal, he said, is “to sharpen America’s competitive edge” in new industries like battery technology, artificial intelligence, biotechnologies and clean energy. “That’s the future.”

Biden said he rejects the “defeatist view” that automation and globalization will sap well-paid US jobs.

“American manufacturing was the functioning arsenal of democracy in World War II, and has to be part of the engine of new prosperity in America now,” he said.

Biden’s plan to protect American workers underscores a recognition that, despite Trump’s poor job approval numbers, voters still see him as stronger than Biden on handling the economy.

But Biden drew a sharp contrast with his billionaire rival, highlighting his working-class upbringing and even making a side-trip to his old Scranton neighborhood.

Trump won in 2016 largely on the promise of bringing back lost manufacturing jobs.

Biden accused him of turning his back on the working class.

“Trump has simply given up,” Biden said, adding that American families are “paying the price for this administration’s incompetence.”

While the president repeatedly invokes American business as a leading force in economic revival, Biden’s plan relies on the federal government to “bolster American industrial and technological strength.”

It proposes a $400 billion investment in domestic product procurement, and $300 billion for research and development as well as breakthrough technologies including reusable energy and electric vehicles.

“This will be a mobilization of R&D and procurement investment in ways not seen since the Great Depression and World War II,” Biden said.

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